Bitcoin Price Rises Above $111,000
Bitcoin (BTC) is rising for the second day and trades above $111,000 on Friday. It climbed from a weekly low of $106,666. This rise shows growing confidence in the cryptocurrency market. Other coins like Ethereum (ETH) and Ripple (XRP) are also gaining. Ethereum stays above $3,900, and XRP trades near $2.45. Stable demand from retail investors supports these moves.
Bitcoin Futures Show Stable Retail Demand
Bitcoin’s derivatives market has calmed after a big sell-off on October 10. That event liquidated $19 billion worth of crypto. Currently, Bitcoin futures Open Interest (OI) is around $69 billion, down from $90 billion on October 10. This is a small increase from a Thursday low of $67.7 billion.
Open Interest is the total value of active futures contracts. When OI grows, it means traders expect price gains and increased market activity. This supports Bitcoin’s steady price.
XRP’s market shows stronger trader interest. Its OI-weighted funding rate rose from 0.0032% on Wednesday to 0.0059% on Friday. This rise suggests traders are buying XRP and expect prices to go up.
Ethereum is facing less interest from big investors. On Thursday, $128 million flowed out of Ethereum Exchange Traded Funds (ETFs). None of the nine US-based ETH ETFs saw new money. Fidelity’s FETH ETF withdrew $77 million and BlackRock’s ETHA pulled $23 million.
Since October 16, Ethereum ETFs have mostly seen outflows, showing weak short-term demand.
Technical View: Bitcoin Continues Recovery
Bitcoin’s price is rising above $111,000 as market confidence returns. The Relative Strength Index (RSI) shows bullish momentum with a reading of 47. This suggests buyers may push prices higher soon.
The Moving Average Convergence Divergence (MACD) may give a buy signal if the blue line crosses above the red line. This would encourage more buying.
Traders are watching if Bitcoin can close above the 100-day EMA at $112,675 and the 50-day EMA at $113,352. This would confirm strong upward momentum.
However, caution remains due to ongoing trade tensions between the US and China. Profit-taking could cause a drop below $110,000. The 200-day EMA at $108,113 might provide support if selling increases.
Altcoins Update: Ethereum and XRP Show Gains
Ethereum is working to pass $4,000 but faces resistance at the 100-day EMA of $3,964. The RSI at 45 indicates bearish pressure is fading. If Ethereum stays above the midline, a strong breakout is possible.
Its MACD may signal a buy if the blue line moves above the red line soon. But if traders take profits too early, a correction could follow. Key supports are $3,680 and the 200-day EMA at $3,575.
XRP is rising above $2.45 with the RSI at 43 showing growing bullish momentum. It aims to break above the 200-day EMA at $2.61, which would strengthen the trend.
The MACD on XRP confirms a buy signal, encouraging traders to increase exposure. Still, market sentiment is fragile. A weak technical outlook could trigger profit-taking and a pullback toward support levels at $2.40 and $2.18.
